A Guide to Filling Out a Utah Revocable Living Trust Form
Would you want your loved ones to wait for months or years to inherit your estate after your death? Of course not! And that is why you should have a perfect estate plan that ensures your beneficiaries get their inheritance quickly without spending many resources in the succession process.
One perfect tool to use in this case is a Utah revocable living trust -an estate planning document that puts your assets in a trust to be distributed to your loved ones after your demise according to your wishes.
Keep reading to learn how to fill out a revocable living trust form in Utah.
Advantages of Revocable Living Trust in Utah
Creating a revocable living trust in Utah has many advantages for you and your heirs. First, it will help your beneficiaries get the assets in the trust immediately after your demise. Since assets named in the trust don't go through the probate process, your family avoids the otherwise costly court and legal fees.
In addition, you (the grantor) will have peace of mind while alive, knowing that your loved ones will not have issues during succession and that your estate will be shared according to your wishes.
Furthermore, a signed revocable living trust in Utah guides the successor trustee and your loved ones on how the assets will be distributed, lowering the chances of inheritance disputes. Most importantly, you can alter or revoke it anytime, giving you the flexibility you need in estate planning.
Do You Need a Living Trust in Utah?
Making a revocable living trust ensures your loved ones get their inheritance sooner after death. Your family doesn't have to spend money on probate or wait too long to get what you left behind for them.
However, considering that Utah is one of the states that have adopted the Uniform Probate Code, the probate process may be less stressful. In addition, your estate can bypass probate if it is worth $100,000 or less.
This means your inheritors just need to use an affidavit to inherit the estate. You can also transfer your property, like a house, using the transfer-on-death deed. This will keep it out of probate during the succession process.
After Creating a Living Trust, Do You Still Need a Will?
Yes, a will can be instrumental in some situations, even when you have a notarized revocable living trust form in Utah. For instance, if you have a minor to include in your estate plan, you should write a will to name their guardian. You may also write a will to outline how assets not transferred to the trust will be distributed to the beneficiaries.
Can a Living Trust Reduce Estate Taxes in Utah?
First, note that Utah does not have an estate tax, and federal estate taxes are levied on estates worth $12 million or more. If your estate qualifies for the tax, having a living trust may not lower your estate taxes.
But you can avoid estate taxes by using a more complicated marital trust that leaves your estate to your surviving spouse.
Completing a Living Trust Form Correctly
When making a revocable living trust in Utah, you should start by deciding what assets go into the trust and identify the beneficiaries. Next, you should choose a successor trustee, get a revocable living trust form in Utah, and fill it out correctly.
Please verify that the information entered is correct and reflects your wishes, and sign it before a notary public. Then transfer the assets to the trust.
If you want to make a revocable living trust in Utah, Forms.legal is here for you. We offer all types of revocable living trust forms that you can quickly fill in online and download afterward. The process is easy, eliminating the need for attorney services.